KBRA Places the Ratings of ExteNet Issuer, LLC, Series 2024-1 and Series 2025-1 on Watch Downgrade
19 Jun 2026 | New York
KBRA has placed three classes of the Series 2024-1 and three classes of the Series 2025-1 Notes (collectively, the Notes) of Extenet Issuer, LLC, a communications infrastructure securitization, on Watch Downgrade after learning that the manager of the transactions, ExteNet Systems, LLC (the Company), is working to address liquidity challenges. KBRA has been in dialogue with transactions parties and is monitoring the situation.
As of the May 25, 2026 payment date, the Notes have received timely interest payments. A failure to pay interest on the Class A and Class B Notes of either the 2024-1 or 2025-1 transaction would constitute an Event of Default under the relevant transaction documents. There is no back-up manager designated for either transaction. Midland Loan Services, as Servicer, would act at the direction of the applicable noteholders to select a replacement manager if a manager termination event were to occur.
KBRA will continue to monitor developments and expects to resolve or update the Watch Placements within 90 days.
Contact information has been updated.
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